contracts signed, deposit paid, purchaser demanding more

.... and watch them pull out of the sale as there are many more places on the market. Buyers market ........
 
hi DeeDee,

Tough situation to be in, i certainly don't envy you. I realise you posted this over a week ago, and you've probably already decided and acted one way or the other. If so let us know, it might be helpful for other readers. Anyway here's how I'd approach it:

Step 1: Add together the following:

- Amount of deposit you recieved from the purchaser (make absolutely certain you don't have to pay this back and that it is definitely non-refundable - t&c's can apply to deposits too)

This gives Total 1

Step 2: Now add the following together:

- the amount you've spent advertising your property, any agent fees you've paid or that you will have to still pay if sale fall through (possibly none)
- Amount of deposit you paid on the house you're buying (can you get this back? - if so then leave out of these calculations)
- Solicitor fees you'll have to pay if the sale falls through

This gives Total 2

Step 3:

- Work out the amount the amount of money you will have to spend to replace the "white items" at today's prices.
This gives Total 3


Subtract Total2 from Total1: If this is a negative number (eg. -3000) then this is how much money you lose if the sale falls through. If it is a positive number, (for example if you only paid a small deposit), then you may not lose out (financially) by abandoning the sale.

Whether or not this is a "buyer's market" is debateable, personally I think buyers and sellers are on an even playing field at the moment and neither has the upper hand. However regardless of whether or not house prices rise or fall over the next while should not really affect you. If the value of your house falls, then the chances are that so will the value of any house you want to buy, and likewise if prices go up. (this is overly simplistic but generally it balances out once you're already on the property ladder imo). But you must take account of Total3 (cost of the white goods to replace)above when making any decision. If you are losing more money by abandoning the sale than it would cost you to replace the White Goods, then be careful that you do not "cut off your nose to spite your face!".

Sorry if I made this seem overly complicated, it should be easy enough to work out when you have a pen and paper in front of you! Anyhow this is a method that I would use to help me reach a decision.
 
"Amount of deposit you recieved from the purchaser (make absolutely certain you don't have to pay this back and that it is definitely non-refundable - t&c's can apply to deposits too"

The deposit is only non-refundable if a binding contract exists. Both parties must have signed the contracts - ie. in this case a binding contract only exists if the OP accepted the variation to tthe contract including the white goods, signs and returns one part of the contract keeping the second copy. If the OP decides he doesn't want to include the white goods no contract exists and the deposit is refeundable.
He can always refuse to accept the amendment, cross it out (or amend the purchase price accordingly) and return it to the purchasers to see if they will then sign the "new" contract.

IMO contents being included in the sale is becoming more and more common, especially if there are similar properties for sale in the same area, as in this case.
 
probably not very moral or ethical etc - however neither is gazundering by means of last minute unagreed at time of sale variance clauses - but how old are these appliances - does the vendor have the exact brand / model details - oerhaps some of your relatives fancy a relatively new Fridge or perhaps that dishwasher does not really work after all - caveat emptor - no warranty given etc - would not be the first time a load of old junk was left behind if you know what I mean.
 
You must log in or register to reply here.
Back
Top